Six Student Savings you shouldn’t Miss Your Freshman Year
Whether you plan on paying for college yourself or applying for financial aid, students can take many different measures to save money. Students can save money on food, transportation, and entertainment by budgeting their money wisely. Discover these tips to learn how you can get the most of your money during your college years.
Apply for Government Grants
One of the best ways to save money in college is to apply for government grants. Students are not required to pay back the money they receive from grants and applicants will be required to meet certain criteria to be eligible. Grants are only given to students with a desperate financial need for assistance. If you do qualify, make sure you check your own expectations as many grant winners are subject to keeping up grades, attendance and other stipulations to receive the money.
Look For Scholarships
Students can take advantage of many different scholarships in order to save on costs. Contact the financial aid office to inquire about what might be available to you. Students are not required to pay back money received from scholarships and most colleges provide scholarships on admission. Scholarships are also available through individual contributors and private organizations. Most are rewarded based on academic performance and financial need.
Join a Credit Union
Many credit unions offer student accounts to help people save money in college. Some credit unions don’t require students to keep a minimum balance or pay monthly fees. Credit unions like DFCU also offer benefits on some accounts like draft protection or a reduced non-sufficient funds charge.
Live without Personal Transportation
Students might consider living without the luxury of a car when attending college. A car isn’t always a necessity when living campus. You can save thousands of dollars a year when you don’t have a car payment or have to pay for car insurance. Use city or school transportation and save money by walking to local stores instead of making a long trip for weekly groceries.
Limit Your Spending on Food
Most students don’t realize how much money they spend on food. If you have a meal plan, this can be a great savings option for living on campus, but if you don’t make a budget and a spend limit when at the store. Buying food in bulk is also a great way to save money. Just make sure these foods will be used and not wasted.
Take Advantage of Student Discounts
Taking advantage of student discounts is an excellent way to save money. Many movie theaters, zoos, museums, and restaurants offer discounts for students. You can also find discounts on textbooks when buying online, which usually includes free shipping.
There are a variety of ways for students to save money in college. Use the tips above to get a handle on having your own budget for the first time.